Compare old Money Back 20 Years Plan 75 to New Money Back 20 Years Plan no 820

Below are the list of changes done in new Money Back plan 820 compared to old Money Back plan 75.

Money Back Plan -20 years (Table No. 75)

New Money Back Plan – 20 years (Table No.820)

Maturity Benefit

40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

No Change

Death Benefit

Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death .

Survival Benefit

20% of the sum assured in every 5th, 10th and 15th year

No Change

Paid-up value

Paid-up value per thousand Sum Assured

Paid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Age at entry

13 to 50 years

13 to 50 years

Age at Maturity

Maximum 70 years

Maximum 70 years

Policy Term

20 Years

15 years

Premium mode

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Basic Sum Assured

50,000 and above

1,00,000 and above ( In multiples of 5000)

Rebate

3% of tabular Premium for Yearly premium

1.5% of tabular premium for Half-Yearly premium

2% of tabular premium for Yearly premium

1% of tabular premium for Half-Yearly premium

Loan

Available after payment of 3 full years premiums.

Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies.

Foreclosure action shall be initiated on default of 2 or more half-yearly loan interest installments.

Available after payment of 3 full years premiums

he maximum amount of loan that can be granted as a percentage of Surrender Value be as under:
For inforce and fully paid-up policies – upto 90%
For paid-up policies – 80%

Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.

Guaranteed Surrender Value (GSV)

Available after payment of 3 full years premiums

Before Payment of Survival Benefit:
GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.
After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Main Changes

A Policy may be revived within a period of 5 years from the date of first unpaid premium.

Taxes, if any , were borne by the Corporation.

A Policy may be revived within a period of 2 years from the date of first unpaid premium.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

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1 comment:

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